CCR S.A.: Results for the 1st Quarter of 2012
SAO PAULO, BRAZIL -- (Marketwire) -- 05/15/12 -- CCR S.A. (CCR)
(BOVESPA: CCRO3), Brazil's largest road concession operator in
revenue terms, hereby announces its results for the first quarter and
the year of 2012.
Presentation of the Results
The Quarterly Financial Statements (ITR) have been drawn up and are
presented in accordance with accounting practices adopted in Brazil
for the Parent Company, and comply with International Financial
Reporting Standards ("IFRS"), issued by the International Accounting
Standards Board (IASB") for the consolidated results, as well as
being pursuant to the conditions set out under Brazilian Corporation
Law, rules defined by the Brazilian Securities Exchange Commission
(CVM") and the Pronouncements Guidelines and Interpretations issued
by the Accounting Statements Committee ("CPC"), applied in a manner
consistent with the accounting practices described in Explanatory
Note No. 3 accompanying these quarterly financial statements.
Unless otherwise stated, the financial and operational information
set out below is presented on a consolidated basis in thousands of
Reais, in accordance with Brazilian Corporation Law, with comparisons
referring to 1Q11.
Non-financial information, as well as other operational information,
has not been reviewed by the independent auditors.
The figures presented take into consideration the changes introduced
by the IFRS and their respective impact, as described in the Press
Release for 2010 in the section "IFRS Conceptual Supplement," which
is available on our website. Net Operating Revenue as presented
excludes Construction Revenue.
Some reclassifications between line items from 1Q11's results were
made in order to better compare them with the results presented in
-- Net Revenue totaled R$ 1,194.6 million in 1Q12 (+14.5%).
-- EBIT amounted to R$ 607.6 million (+25.7%) in 1Q12; the EBIT margin
was 50.9% (+4.6 p.p.).
-- EBITDA totaled R$ 780.5 million (+17.9%) in 1Q12; the EBITDA margin
was 65.3% (+1.9 p.p.).
-- Consolidated traffic increased by 5.1% compared to 1Q11.
-- Net Income reached R$ 288.6 million, due to increased cash generation,
reduction of operational costs and financial expenses.
-- The number of STP (electronic toll system) users increased by 23.8%
over March 2011, with a total of 3,374,000 active tags.
-- On April 13, 2012, the supplemental distribution of dividends proposed
by Company's management for the fiscal year of 2011 was approved, in
the amount of R$ 0.06/share, distributed as of April 27, 2012. Taking
into account the intermediate dividends paid out on September 30,
2011, of R$ 0.40/share, payout referring to the fiscal year of 2011
-- The Company's results incorporate the impact of ViaQuatro, a project
currently in the ramp up phase.
Comments from the CEO
Renato Alves Vale: "It is with great satisfaction that we present our
results for the first quarter of 2012 to our shareholders, the
market, employees, users and our various interested public audiences.
"We highlight the growth of 5.1% in consolidated traffic and the 1.9
p.p. expansion of the EBITDA margin. Besides better operating
performance, the financial results also contributed to the strong
increase in net income, of 64.7%, reaching R$ 288.6 million.
"This performance has allowed CCR to proceed with its commitment of
dividend distribution, performing as of April 27, 2012 a supplemental
payout of dividends related to the fiscal year 2011, in the amount of
R$ 0.06/share. Adding this to the intermediate dividends paid on
September 30, 2011, of R$ 0.40/share, the company carrying a total
dividends distribution of 89.2% of profits regarding the fiscal year
of 2011, much higher than our minimum commitment to investors (50%).
"Moreover, we are continuing our strategy of qualified growth, with
two important events during the month of April: the acquisition of
Barcas S.A. and the achievement of the Transolimpica through the
Consorcio Rio Olimpico, which strengthens CCR's position in the urban
mobility segment in the city of Rio de Janeiro, contributing to the
promotion of its sustainable development through improvements in
"We continue to be excited by the excellent future prospects in view
of the positive economic forecast for Brazil and the expectation of
new growth opportunities, especially as a result of the World Cup
(2014) and the Olympic Games (2016) in the city of Rio de Janeiro.
Always prioritizing capital discipline and the creation of value by
the Company for its shareholders, we hope to be able to continue
contributing to the socio-economic development of the regions in
which we operate."
Wednesday, May 16, 2012
10:30 a.m. Sao Paulo / 9:30
a.m. New York
Telephone: (11) 4688-6361
Wednesday, May 16, 2012
11:30 a.m. Sao Paulo / 10:30
a.m. New York
Brazil: (11) 4688-6361 Code: CCR
US: (+1) 888-700-0802
Replay: (11) 4688-6312
(55 11) 3048-5941
(55 11) 3048-5955
(55 11) 3048-6353
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